Source: Ron Lieber, N.Y.Times ( Paid Registration )

Banks say they need to close accounts they deem suspicious to prevent money laundering, fraud and terrorist financing.

But there are many frustrating things about this phenomenon: The account closings often come without warning. There is usually no recourse, appeal or explanation from the bank.

Most customers don’t read their account agreements and have no idea that the bank can cancel those accounts at any time. When the bank contacts them to investigate suspicious account activity, why not remind them of this to convey the seriousness of the matter?

Read Full Article: The way big banks shut down customer accounts is callous. Let’s fix it.